“The changes that were introduced this year should wave away this complexity over time but with many of the new rules are still fresh, the government must redouble efforts to ensure people understand how they’re affected.”

Steven Cameron, pensions director at Aegon, said:

“This is just a first step and we urge the government to go much further and write directly to every individual to provide them with an estimate of what state pension they are on target to receive. This should then be updated periodically.”